After the lackluster King IPO, how does Jim Cramer feel about the forthcoming offering from GrubHub?

"The King Digital Entertainment IPO was dismal compared to many of the 55 IPOs we've had since the beginning of the year," noted the "Mad Money" host.

Shares of the "Candy Crush" game maker sagged as much as 15% in their Wednesday debut making it among the worst IPOs of 2014." It was hardly as profitable as the IPOs of Dicerna Pharma, Ultragenyx, Revance Therapeutics, and Auspex all of which doubled in the days following their offerings.

Although the price action would seem telling, Jim Cramer cautions investors not to read too much into it.

Source: GrubHub

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"King Digital was different," Cramer explained. "The metrics were a little different and it reminded investors of Zynga which didn't go well."

Although he thinks the red hot IPO window is closing, he also thinks, for the time being, a few more lie ahead. And one could be coming as soon as next week.

Now make no mistake, Cramer is cautious of these red hot IPOs for the long-term. He thinks they're a sign of froth.

"But just because I'm wary about the longer-term prospects of these deals, it doesn't mean you shouldn't try to profit from them short-term," Cramer said. Therefore, "I want you to try and get a piece of the GrubHub deal."

Largely Cramer believes this is the kind of company that will attract momentum investors, the kinds of investors who have bid other IPOs sharply higher.

"As an online platform for mobile takeout, it's got a terrific concept," Cramer said. "Also, the company grew its revenue by 43% and with people increasingly using their smartphones to order things, the potential feels limitless."

That alone should get the attention of so-called 'momo' investors.

However, there's something else; something that due to the mechanics of the market leads Cramer to believe the IPO could soar.

"GrubHub is doing what I call a sliver deal, that's where they only release a tiny sliver of the float to the public," Cramer explained.

"These sliver deals artificially create enormous demand, because if you're a mutual fund trying to buy GrubHub, you simply can't get enough shares in the IPO to build a meaningful position. That means these funds need to come in and buy more stock in the aftermarket, and they're willing to bid the darned thing up like crazy because the fact that they get some shares in the initial deal lowers their cost basis."